Crypto Brief Jan.09: BB indicator shows Bitcoin is in uptrend plus XRP, ETH, LTC, USDC, USDT, ADA, XLM, TRX, ATOM, BNB, XMR
From Bitcoin’s uptrend to BlockFi supports for USDC and Litecoin. These are some of the prominent news in the crypto space.
Bitcoin broke below the key support of $ 8,000, marking a noticeable decline from the high of $ 8,400 set during the recent rally.
Analyst HornHairs said he was closely following BTC’s reaction to $ 8,000 to gain insight into the next direction, as it can be a deciding factor in marking a long-term trend change.
May be jumping the gun here but I’m willing to hop back in if we see another solid bounce & recovery at this demand. On the other hand a close back below the range high would make me flip my bias & short a retest. If this does trend higher this will be an entry worth holding. pic.twitter.com/c1mQOKtV4A
— HornHairs ? (@CryptoHornHairs) January 8, 2020
Legendary trader Peter Brandt explained that Bitcoin is currently trying to cross the upper boundary of the descending channel for years. Still, the bull needs to continue maintaining his buying pressure for this to be confirmed and for BTC to enter the early stages of the next bull market.
Can the bulls save the fledgling growth trend of Bitcoin? According to some analysts, sure.
Firstly, the EMA 50 and 200 on the four-hour chart for Bitcoin are still forming a bullish cross, implying that the bulls have not lost control on a short-term basis.
Not to mention, the price action on the four-hour chart is still a sign that the mid-term reversal is pointing up.
CL, Adaptive Capital’s new analyst, noted that the Bollinger band indicator shows that an uptrend is currently occurring and that he will buy any discount (as of now).
When price starts deviating away from the 4hr 200MA, out of the bands, especially after consolidation, and a BB squeeze, a new trend usually emerges.
There is not much more to say, I will be buying dips. Send it. pic.twitter.com/GB1RA4M62n
— CL (@CL207) January 7, 2020
Also, Josh Olszewicz, an analyst at Brave New Coin, found that the Bitcoin price on Coinbase is slightly higher than the BTC price on Bitfinex. This is indeed an extremely positive signal, underlining much of the recovery of the cryptocurrency market seen in 2019.
CB led BFX throughout most of ’17/’18 bubble as well pic.twitter.com/OFLh4UzqQ8
— Josh Olszewicz (@CarpeNoctom) January 7, 2020
Whales continue to transfer BTC
Within the past 8 hours, Whale Alert reported that 6637 BTC (~ $ 53.2M) were transferred between exchanges and unknown wallets.
Bitcoin will reach $ 20k this year
BitPay commercial director Sonny Singh said in a new interview on BloombergTV that Bitcoin will reach $ 20,000 this year – but not because of the upcoming halving.
According to Singh, macro factors and unexpected events will push BTC to an all-time high. The fundamentals are ready for a renewed Bitcoin rally, Fidelity and Square are the two leading organizations for new adoption.
Bitcoin price increases in tandem with gold
Recent tensions between the US and Iran are having a positive impact on Bitcoin and gold prices.
Skew has been outlining gold and Bitcoin price charts since the beginning of 2019. The prices of both assets have skyrocketed in the first week of 2020. It hypothesized that this was fueled by escalating tensions between the US and Iran.
Bitcoin & Gold in clear focus to start the year as tensions between US & Iran escalate pic.twitter.com/5IwKQlkx8S
— skew (@skewdotcom) January 8, 2020
Meanwhile, Messari took an in-depth look at Bitcoin’s price performance during the escalation of the U.S.-Iran conflict and suggested that BTC could act as digital gold.
Bitcoin and the Iran conflict: Is $BTC becoming Digital Gold?
From @RyanWatkins_ pic.twitter.com/jN6TIlM8k9
— Messari (@MessariCrypto) January 8, 2020
Two hours ago, Whale Alert reported on two large USDT transfers moving between unidentified wallets, one was 100M USDT, and the other was 120M USDT.
However, shortly after that, the monitor reported that the two large transfers were invalid because of insufficient funds. Usually, they are filtered, but due to a temporary error, they are not flagged correctly.
ℹ️ The last two large #USDT were invalid because of insufficient balance. Normally these are filtered, but due to a temporary bug, they were not correctly flagged.
— Whale Alert (@whale_alert) January 9, 2020
Charles Hoskinson, CEO IOHK, the company behind Cardano, said his team is working on behind-the-scenes projects focused on new areas, which may include proof-of-work, Internet of Things, and privacy.
In a recent AMA session on YouTube, Hoskinson said the company’s new development needed a “well-defined scope.” Therefore, they do not infringe on other IOHK projects, namely the decentralized Cardano blockchain platform.
He also provides an update on Cardano’s cooperation with New Balance.
Of the 5.48 billion XLM that was paid as part of Stellar’s inflation distribution process, 98% was transferred to the Stelar Development Foundation (SDF). And while the platform has burned most of the money, they receive this way to reduce inequality within the network, but no real money has been spent on our community projects.
Stellar’s monetary inflation process has released new tokens at a rate set to 1% per year, according to a CoinMetrics report. The distribution of inflation will be determined through a weekly vote, in which each inflation target account is voted on by at least 0.05% of the supply receiving the new issue.
Stellar co-founder Jeb McCaleb said that this process was created to encourage people to collaborate and decide how to allocate network rewards. However, after nearly a year of deliberation, SDF agreed to eliminate the inflation distribution process in October 2019, saying that it could not support the development and growth of the ecosystem.
Litecoin and USDC News
BlockFi has announced support for USDC and Litecoin across its entire product portfolio. This support allows the global user base of individual and institutional investors to earn interest, trade, and receive loans with preeminent stablecoins and a popular digital asset.
Both cryptocurrencies will now be supported in the BlockFi Interest Account (BIA), allowing cryptocurrency investors to earn monthly compound interest at market leading rates. The initial annual percentage (APY) for USDC is 8.6%, and Litecoin with BIA is 3.8%.
?Litecoin & USDC ?We’re thrilled to announce that you can now trade and earn interest on your LTC and USDC with BlockFi. Get started now ⬇️https://t.co/mBfn4mvrVP
— BlockFi (@TheRealBlockFi) January 8, 2020
XRP has achieved a significant amount of business support in 2019.
Leonidas Hadjiloizou, XRP researcher and XRPArcade founder, compiled a list of platforms and projects that announce plans to use XRP in 2019.
Ripple has played an essential role in promoting XRP adoption, partnering with payment giants, electronic loan companies, digital asset ATM makers along with merchant processors.
Companies have integrated the third-largest cryptocurrency asset in a variety of ways, from platforms that allow people to buy and sell digital assets to the wallet, to people now accept XRP as a form of payment.
Since 2016, Andrew Keys, co-founder of ConsenSys Capital, has made detailed predictions about the major trend of the blockchain process. In the 2020 report, he highlighted opportunities for Ethereum.
Mr. Keys is extremely optimistic about the Ethereum network transition towards a Proof-of-Stake consensus. He is sure that Ethereum developers will provide not only Phase 0 but even Phase 1 with the final shending design.
Furthermore, he stated that the release of the first Vitalik Buterin Beacon Chain Explorer should be considered the first phase of the new Ethereum.
CEO Tron started his official YouTube channel in both Chinese and English. This happened just a week after the notorious crypto purge on YouTube made many crypto-related videos banned.
Welcome to follow my @YouTube channel. In the future, I will meet with you guys via short videos on various platforms like #Twitter, #YouTube, #TiKTok, #Instagram! Wanna know why I do this? What will I share? Click below to know more. ?https://t.co/xgLw0JYsFL
— Justin Sun (@justinsuntron) January 7, 2020
Justin Sun has announced its intention to turn DLive (recently acquired by Tron) into the No. 1 decentralized app for content producers, saying that no content will be deleted.
ATOM price tried to make a breakout from the resistance area of 65,000 satoshis in December, but it failed. That started a bearish move, which is still ongoing.
Since September 6, 2019, the ATOM price has reached a significant level of support, and the ascending support line has been measuring the growth rate since the start of this movement. A breakdown below the current support level could risk the uptrend.
Trader DevChart claims the ATOM price has reached critical horizontal support and can be accumulated in anticipation of an up move.
Received an alert for approaching support and confluence for a possible Hammer bullish reversal candle.
I don’t like to play alts when $BTC is pumping but will be monitoring this play for a bounce.
Alerts from @ChartAlertsIO #ATOM#Alts#Crypto pic.twitter.com/CcMSVJctcQ
— Devchart (Andre) (@devchart) January 7, 2020
Binance Coin price recently broke out on the descending resistance line, which was set on November 14, 2019.
Typically, a breakout occurs above the long-term resistance line, which is an indication of upward price action. Trader PoxyXBT has drafted a price chart for BNB, claiming that the BNB market outlook is likely to rise after retesting the resistance.
And that’s why I don’t force trades…
Anyway, BNB is starting to look pretty bullish again.
Nice retest of the level ? pic.twitter.com/0UcR0d7pzQ
— Posty (@PostyXBT) January 6, 2020
Monero is the largest privacy-focused cryptocurrency, having increased from $ 44 to $ 58 in the past seven days with a staggering 30% increase.
The cause of the sudden price increase is the hashrate reaching an all-time high. Besides, Coinbase CEO Brian Armstrong is hugely optimistic about anonymous cryptocurrencies, and Monero’s powerful technology allows for true anonymity.
Not only that, the Monero Research Lab (MRL) has released Triptych to propose trustless logarithmic-size ring signatures. Following Monero’s core anonymity mechanism, research aimed at reducing their size can significantly improve the privacy of coins.
- Coinshares: 2019 Bitcoin mining rigs produce far more hashrate than last year models
- The number of Bitcoin transactions was executed in the past 24 months up to 1.6 trillion